The General Assembly finds that: there exists within various neighborhoods in Baltimore City, particularly the West North Avenue Corridor, a need for residential and commercial development or redevelopment in furtherance of the public’s interest; the West North Avenue Corridor has experienced low housing and economic development in the community for decades; areas in the West North Avenue Corridor include both areas that are considered slum or blighted and areas that are deteriorated or subject to further deteriorating condition, and those areas are in need of development or redevelopment for the public benefit; the revitalization of areas within the West North Avenue Corridor needing commercial development or redevelopment is an essential governmental function and is a public use that will confer a public benefit on citizens of Baltimore City by: relieving conditions of unemployment; encouraging the increase of commerce and a balanced economy; assisting in the retention of businesses and residents; attracting new industries and commerce; promoting economic development and growth; and generally promoting the health, welfare, and public safety of residents in Baltimore City and increasing property tax revenues for the State and the City of Baltimore; the establishment of this public Authority to provide financial resources for the development and establishment of residences and businesses through community organizations in the target area will significantly improve Baltimore City neighborhoods and increase property tax revenues for the State and the City of Baltimore; and the Authority is the economic development authority for the State to benefit the neighborhoods of Baltimore City within the target area. The legislative purposes of the Authority are to: revive the various communities along the West North Avenue Corridor in Baltimore City; promote economic development; encourage the increase of business activity, commerce, and a balanced economy in Baltimore City; help to retain and attract business activity and commerce in Baltimore City; and promote the health, public safety, right of gainful employment, and welfare of residents of Baltimore City. The General Assembly intends that: the Authority operate and exercise its corporate powers along the West North Avenue Corridor in Baltimore City; without limiting its authority to otherwise exercise its powers, the Authority exercise its powers to assist private real estate entities and nonprofit community development corporations to develop and rehabilitate housing and commercial units in Baltimore City and support local economic development agencies to contribute to the expansion, modernization, and retention of existing enterprises in Baltimore City as well as the attraction of new businesses to Baltimore City; and the Authority should not own and operate a project unless: the Board determines by resolution that the private sector has not demonstrated serious and significant interest and development capacity to own and operate the project; or a representative of a governmental unit requests in writing that the Authority own and operate the project.